11.01 - TIF 1-9 Reassignment - Laserfiche WebLink

Home Browse Search

Extract of Minutes of a Meeting of the � City Council of the City of Pequot Lakes, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Pequot Lakes, Minnesota, was duly held at the City Hall in said City on Tuesday, the 6th day of March, 2012, at P.M. The following members were present: and the following were absent: adoption: Member introduced the following resolution and moved its RESOLUTION NO. RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF AN ASSIGNMENT AND ASSUMPTION OF RIGHTS AND OBLIGATIONS AGREEMENT WHEREAS, the City Council entered into a Development Agreement, dated as of October 1, 1999 (the "Development Agreement"), with Brett and Sarah Dale, LLC, a Minnesota limited liability company (the "Developer"). `. WHEREAS, the City Council approved the Assignment of the Development Agreement by the Developer to Lakes State Bank (the "Bank") on this date. WHEREAS, the Bank desires to assign its interest in the Development Agreement pursuant to an Assignment and Assumption of Rights and Obligations Agreement (the "Agreement") by and between the Bank and Clement Enterprises, LLC, a Minnesota limited liability company. Pursuant to the Development Agreement the Bank must obtain the consent of the City prior to making any assignment of its interests under the Development Agreement. WHEREAS, a draft of the Agreement has been submitted to the City Council for approval. BE IT RESOLVED by the City Council of the City of Pequot Lakes, Minnesota (the "City"), that the City Council hereby approves the Agreement, subject to payment of all legal fees incurred in the preparation of this resolution and the Agreement in substantially the form submitted, and the Mayor and the Clerk are hereby authorized and directed to execute the Agreement on behalf of the City. In the absence of the Mayor or the Clerk, any document authorized by this resolution to be executed may be executed by an acting or duly designated official. The motion for the adoption of the foregoing resolution was duly seconded by member , and after full discussion thereof and upon vote being taken thereon, the � following voted in favor thereof: asoso��a